UPS Financial News

Cummins India Ltd. traded 7.02 per cent up in Wednesday's trade at 01:49PM (IST). Around 52,365 shares changed hands on the counter. The counter opened at Rs 3579.9 and touched an intraday high and low of Rs 3817.55 and Rs 3452.85, respectively, in the session so far. The stock of Cummins India Ltd. quoted a 52-week high of Rs 4169.5 and a 52-week low of Rs 1590.3.

Eicher Motors is expected to report a net profit for the quarter ended June 30, 2024 in the range of Rs 943 crore — Rs 1,034 crore, according to estimates by four brokerages. The growth in profit after tax (PAT) could be between 2.7% and 13% on the year-on-year basis, the estimates said. Revenue for the reported quarter may be at Rs 4,178 crore — Rs 4,273 crore which translates into an uptick of up to 7.2%. The earning estimates have been given by Kotak Institutional Equities, Nuvama Institutional Equities, Yes Securities and Axis Securities.

Manish Gunwani, Head-Equity, Bandhan AMC, says while they own PSUs, they do not trust any single PSU too much, because the government has a habit of changing regulations periodically. So, they have a string of pearls in select PSUs, 1-1.5% kind of holdings. Gunwani says Bandhan AMC’s bigger overweights right now are healthcare, internet, and telecom on the defensive side and real estate, power, and capex-related stocks on the cyclical side. What do you make of the construct of the market? We had a scary fall on Monday and looks like a lot of collateral damage has already been done. Manish Gunwani: I would prefer to be a bit cautious. A lot of returns are being made in cyclical sectors and tactically it is because of valuations and the Indian rupee has also outperformed a lot. Also, given the election result, the policy focus is still to be seen. So, overall, in a bull market, there are periods where one needs to be tactically cautious. We will go through some consolidation. I do not expect any big drawdown because liquidity looks fine.

Bajaj Holdings & Investment Ltd. traded at Rs 9376.65 on BSE at 12:17PM (IST) on Wednesday, up 1.85 per cent from previous close. The scrip quoted a 52-week low price of Rs 6634.6 and a high of Rs 10080.15.

Max Healthcare Institute Ltd. traded 1.65 per cent down at Rs 848.45 on Wednesday at around 01:54PM (IST), while the benchmark BSE Sensex advanced 613.21 points to 79206.28. As many as 13,855 shares changed hands on the counter with a total value of Rs 1.18 crore.

Tata Motors on Wednesday launched the electric vehicle SUV Curvv.ev, in a bid to further strengthen it's dominance in an emerging electric vehicles market in India. The Tata Curvv EV, priced from Rs 17.49 lakh to Rs 21.99 lakh, will compete with the MG ZS EV, which falls within the range of Rs 18.98 lakh to Rs 25.44 lakh. Curvv EV will feature a 123 kWh motor, which will enable it to go from 0 to 100 km/h in just 8.6 seconds.

Sensex traded 614.21 points higher at 79207.28 around the same time.

"EPC margins have been under stress because there was a lot of inventory that was lying with us, which we had procured last year before the 31st March deadline and those are now getting utilised in various projects," says Praveer Sinha, CEO & MD, Tata Power. Just looking at your numbers, while Mundra did well, the renewable PLF was low and lesser margins across the solar EPC as well. When do you anticipate better performance from renewable energy generation specifically? Praveer Sinha: Well, this is the 19th consecutive quarter in which we have shown growth impact. And I think the way the company is structured now and the foundation that has been laid, you can expect only better results going forward. As you mentioned, Mundra has been cost reflective because it is operating under Section 11 and this will continue for at least one more quarter if not more. The second is we are also seeing an uptake in our renewal business. EPC margins have been under stress because there was a lot of inventory that was lying with us, which we had procured last year before the 31st March deadline and those are now getting utilised in various projects.

The minimum bid is for 90 shares, with additional bids in multiples of 90 shares thereafter.

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Voltas Ltd. traded 0.42 per cent up at Rs 1468.9 at 01:24PM (IST) on Wednesday, even as BSE benchmark Sensex gained 607.37 points to 79200.44. The stock had settled at Rs 1462.7 in the previous session. The stock quoted a 52-week high price of Rs 1560.0 and 52-week low of Rs 794.15, respectively. As per BSE data, total traded volume on the counter till 01:24PM (IST) stood at 12065 shares with a turnover of Rs 1.78 crore.

Tata Elxsi Ltd. traded 1.47 per cent up at Rs 6799.1 at around 01:19PM (IST) on Wednesday. The stock had closed at Rs 6699.95 in the previous session. Equity benchmark Sensex traded 630.33 points higher at 79223.4 around the same time.

Havells India Ltd. gained 1.67 per cent to Rs 1817.25 in Wednesday's trade as of 12:12PM (IST). The stock hit a high price of Rs 1822.2 and low of Rs 1791.0 during the session.

The U.S. Federal Reserve does not need to make an emergency rate cut, despite recent weaker-than-expected economic data, according to Claudia Sahm, chief economist at New Century Advisors.

Power Finance Corporation (PFC) rose 6% to a day’s high of Rs 501.65 on the BSE after the company reported a more than 20% increase in consolidated net profit to Rs 7,182 crore for the June 2024 quarter. Total income for the quarter grew to Rs 24,736.68 crore, up from Rs 21,017.81 crore in the same period last year.

pan masala and similar tobacco products, if they fail to register their packing machinery with GST authorities. The GST Network had earlier in May and June notified two forms GST SRM-I and II for registering machines used by such manufacturers and to report inputs procured and corresponding outputs with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) on August 6 notified October 1, 2024, as the date for levy of up to Rs 1 lakh penalty for failure to register their packing machines with GST authorities. In January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure to improve GST compliance for manufacturers of pan masala and tobacco products effective April 1.

FirstCry, was subscribed just 17% on the second day of the bidding process on Wednesday. As of 11:45 a.m., the issue attracted bids for merely 82,74,368 shares, or 0.17 times the issue size of 4,96,39,004 shares. The quota reserved for retail individual investors (RIIs) was subscribed 71%. The issue was subscribed 12% in the NII category. There were just 2,752 shares bid by the qualified institutional buyers, out of the 2,70,36,953 shares reserved for them.

Central Board of Direct Taxes (CBDT) has issued a circular indicating that the higher rate of TDSITCS will not apply if the deductee or collectee is deceased before the PAN and Aadhaar are linked. CBDT issued a circular regarding this on August 5, 2024. This move came after the department received many complaints from taxpayers citing instances of the deductee or collectee passing away within the specified time frame i.e., on or before May 31, 2024), before the possibility of linking PAN and Aadhaar being exercised. Due to the deductor's or collector's inability to link the deceased person's PAN and Aadhaar, tax requests are pending in these situations.

Adani Power Ltd. traded 1.13 per cent up at Rs 695.05 at 11:46AM (IST) on Wednesday, even as BSE benchmark Sensex gained 686.64 points to 79279.71. The stock had settled at Rs 687.25 in the previous session. The stock quoted a 52-week high price of Rs 896.75 and 52-week low of Rs 264.75, respectively. As per BSE data, total traded volume on the counter till 11:46AM (IST) stood at 80406 shares with a turnover of Rs 5.6 crore.

«Real estate as a sector is looking attractive to us. The only challenge is that the valuations have gone up. So, one needs to be very selective in real estate, but any kind of a price correction should be a good opportunity to buy,» says Pankaj Pandey, Head Research, ICICIdirect.com. How have you read into the standalone quarterly numbers for PB Fintech, which has been pretty strong and completely different aside of that is Cummins as well, where the profits grew about 33%? Pankaj Pandey: So, do not cover both the stocks, but if I have to talk on, say, for example, Shree Cement, the numbers are definitely below expectation. While we might see volume growth going forward because they are expanding their capacities by 15 million tonnes. But cement is seeing a lower realisation, largely more in southern markets. But in general, you see a softness in the prices and probably that is going to be there for another quarter.

Godrej Consumer Products Ltd. traded at Rs 1488.65 on BSE at 12:02PM (IST) on Wednesday, up 0.63 per cent from previous close. The stock quoted a 52-week low price of Rs 959.55 and a high of Rs 1524.7.